Back at Post #105...
I also worked out that I was significantly better off doing the resettlement commute. I took £4800 off my pension to raise £39k tax free and I will be paying that for just shy of 10 years (call it £48k). However, as a top rate 40% taxpayer I would be giving the Govt £19200 in tax for that £48k over the same period if I didn't commute; which would mean in real terms I pay £28800 to raise £39k - so I'm £10200 better off over the next 9.6years (call it £1k a year for cash!).
Still holds true to me. Commutation is the way ahead if you are a high rate taxpayer!
LJ